According to a new report, published by KBV research, The Global AI In IoT Market size is expected to reach $66.1 billion by 2031, rising at a market growth of 24.5% CAGR during the forecast period.
The Natural Language Processing (NLP) segment is anticipating a CAGR of 25.8% during (2024 - 2031). NLP enables voice recognition and natural language understanding, allowing users to interact with IoT devices through voice commands. This capability is particularly valuable for smart home systems, virtual assistants, and wearable devices, enhancing user convenience and accessibility. By enabling more natural and intuitive interfaces, NLP reduces the need for complex manual inputs and improves the overall user experience. This is crucial for devices used in everyday life, where ease of use is a significant factor.
The Platform segment is leading the Global AI in IoT Market by Component in 2023; thereby, achieving a market value of $37.4 billion by 2031. AI in IoT platforms provides a unified environment where various IoT devices, sensors, and systems can be integrated and managed. This capability is crucial for organizations looking to streamline their operations and ensure that all components of their IoT ecosystem work together harmoniously. Platforms offer scalable solutions that can easily accommodate increasing IoT devices and data sources.
The Healthcare segment is registering a CAGR of 23.9% during (2024 - 2031). AI in IoT can trigger alerts and notifications in emergencies, such as falls or sudden health deteriorations, enabling quicker responses from healthcare providers and emergency services. During public health emergencies or natural disasters, IoT devices equipped with AI can aid in managing and coordinating response efforts, tracking patient data, and optimizing resource allocation.
Full Report: https://www.kbvresearch.com/ai-in-iot-market/
The North America region dominated the Global AI in IoT Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $24.4 billion by 2031.The Europe region is experiencing a CAGR of 24.1% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 25.5% during (2024 - 2031).
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